Top cryptocurrency trading platform ‘crypto.com’ secured a 20-year contract deal of $700 million to buy the naming rights of the Staples Center in Los Angeles. The deal was signed with Anschutz Entertainment Group for the rights to name the home of Los Angeles Lakers.
The name change is scheduled to take effect on Christmas Day when the Lakers host the Brooklyn Nets. Crypto.com’s ‘CRO Coin’ spiked up close to +24% and attracted heavy buying pressure. The buying pressure was so huge that the coin made it to the top 20 cryptocurrencies by market value.
The deal with AEG would lead crypto.com to gain additional market share in the cryptocurrency sphere. The deal also makes crypto.com to reach the mainstream audience and extend their real use-case partnerships.
”This partnership is about the future. AEG and Crypto.com not only share a vision about innovation and the future of sports and entertainment, but we also have a shared commitment to our communities where we work and live. We look forward to partnering with Crypto.com to create meaningful initiatives to bring that vision to life in the years to come,” said Dan Beckerman, the President and CEO of AEG.
According to CoinGecko, CRO Coin is now rankedv18th position in terms of market value. All this was achieved in just a short period of time. The deal made CRO Coin a household name in the investors’ community who wanted to ride the bull by its horn.
Crypto.com has stood out to be the market leader for investors who transact in cryptocurrencies. The firm saw substantial growth in a relatively short period after its launch in 2016. In just five years of its inception, the company boasts of 10 million users.
Its flagship, CRO Coin was launch in 2018. Early investors who poured in their money during its inception saw upto 2,500% returns up until today.
CRO Coin is shooting up in double digits each day with a 24-hour trading volume of $2.6 billion. Its market cap has now reach $14.7 billion. In the last 7-trading days the coin has spiked +75.9% and also delivered a stellar +790.7% returns in 365-trading days.
The coin is still displaying bullish sentiments and could propel to new heights in the coming weeks. At the time of publishing, CRO Coin was trading at $0.581436 and is up +29.7% in the days trade.
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